Singapore is one of the world’s leading International Maritime Centre. Therefore, Singapore is a preferred choice of many companies across the globe for setting up shipping or maritime business operations. Singapore is an international maritime hub with more than 5,000 shipping companies that contribute to 7 percent of the country’s GDP. The country ships to more than 600 ports across 120 countries.
Small and medium-sized enterprises (SMEs) may find it difficult to set up a shipping company in Singapore. Therefore, it becomes important for them to understand what legal basics govern the shipping or maritime business in Singapore. Some of the important things to know are:
